Recently, India became the world’s fifth-largest economy by overtaking the United Kingdom…reports Asian Lite News
Highlighting India’s forward strides in the global economy, Australian High Commissioner to India Barry O’ Farrell said that there’s no country better placed in the world to manage the global crisis in the economy than India regarding New Delhi’s G20 Presidency. In an exclusive interview with ANI, Farrell on Wednesday said, “Australia welcomes India’s presidency of the G20. No country in the world better understands the importance of economic growth to the development of citizens. There’s no country better placed in the world to manage the global crisis in the economy that we’re facing than India is as part of the G20 process.”
Recently, India became the world’s fifth-largest economy by overtaking the United Kingdom. Now, the United States, China, Japan, and Germany are the only nations with economies larger than India’s. Moreover, it has become the favourite destination for global investors.
“As I’ve said before, prosperity delivers peaceful, prosperous outcomes. And what India is bringing to the G20 presidency as a perspective that we’ve not had before. From a country that has one world, one family initiative, a country that’s determined to address sustainability, and a country that understands as I said, the importance of economic growth to the future of every citizen, not just within India, but across the world, we are happy with that”, the Australian High Commissioner said.
India formally assumed the Presidency of G-20 on December 1, 2022, and will hold it till November 30, 2023.
Further speaking on the India-Australia Trade deal, the High Commissioner said that the trade deal benefits both the economies and Prime Minister Modi’s ambition of making India a global advanced manufacturing hub will become closer to reality.
“Well, the trade deal benefits both our economies, it boosts growth and creates jobs in both India and Australia by reducing tariffs on 96 per cent of Indian goods entering Australia, increasing up to 100 per cent in two years’ time,” the High Commissioner said.
“We Australians benefit is India gets a bigger market. But more importantly in areas like liquid natural gas, in cotton and wool, we’re providing those free of duty into India, which means the cost of production using those fabrics, for instance, for textiles becomes less, which makes your products more marketable in the world economy and the reduction in tariffs on critical minerals like lithium and Cobalt mean, the Prime Minister Modi’s ambition of making India global advanced manufacturing hub becomes closer to reality,” he added.
He further added that it’s a win-win cooperation for both countries in terms of mobility because Australia understands the importance of not just educating young Indians, but giving them the skills needed to come back to India job ready.
The India-Australia Economic Cooperation and Trade Agreement (ECTA) recently entered force on December 29, 2022. Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from the day the agreement is enforced.
